((a)) ** Establishment** Subject to the availability of appropriations and under the authorities of the Mutual Educational and Cultural Exchange Act of 1961 [ et seq.], the Secretary of State shall establish and carry out a program in each fiscal year to award grants of up to $5,000, to individuals who meet the requirements of subsection (b), toward the cost of up to one academic year of undergraduate study abroad. Grants under this Act shall be known as the “Benjamin A. Gilman International Scholarships”.22 U.S.C. 2451

((b)) ** Eligibility** An individual referred to in subsection (a) is an individual who—

((1)) is a student in good standing at an institution of higher education in the United States (as defined in section 101(a) of the Higher Education Act of 1965 []);

((2)) has been accepted for up to one academic year of study on a program of study abroad approved for credit by the student’s home institution;

((3)) is receiving any need-based student assistance under title IV of the Higher Education Act of 1965 [ et seq.]; and

((4)) is a citizen or national of the United States.

((c)) ** Application and selection**

((1)) Grant application and selection shall be carried out through accredited institutions of higher education in the United States or a combination of such institutions under such procedures as are established by the Secretary of State.

((2)) In considering applications for grants under this section—

((A)) consideration of financial need shall include the increased costs of study abroad; and

((B)) priority consideration shall be given to applicants who are receiving Federal Pell Grants under title IV of the Higher Education Act of 1965 [ et seq.].